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10-Q quarterly report · filed Nov 4, 2025

Exelon (EXC) Q3 2025 10-Q Quarterly Report

EXC overviewOriginal on SEC EDGAR
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Exelon (EXC) filed its Q3 2025 10-Q quarterly report on Nov 4, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $6.7B (up 9.0% year over year) with net income of $874M.

Q3 2025 key financials · XBRL

Revenue
$6.7B
+9.0% YoY · +23.5% QoQ
Net income
$874M
+23.6% YoY · +123.0% QoQ
Operating margin
22.4%
EPS (diluted)
$0.86
+21.1% YoY · +120.5% QoQ

Source: XBRL data from the Exelon (EXC) Q3 2025 10-Q on SEC EDGAR. USD.

Exelon Q3 2025 10-Q analysis

AI summary of MD&A and risk factor updates

Management Discussion & Analysis

  • Exelon ComEd Q3 revenue $2,275M, up $46M YoY; 9-month revenue $6,176M, down $227M YoY
  • ComEd Q3 operating income margin 24.5% (558/2,275) vs 22.3% (498/2,229) YoY; net income $373M up $13M
  • PECO Q3 revenue $1,180M, up $150M YoY; net income $250M up $133M; 9-month net income up $296M
  • BGE Q3 revenue $1,209M, up $165M YoY; net income $82M up $37M; 9-month net income up $45M
  • Increased interest expense across segments due to more debt; effective tax rate increased significantly YoY (e.g., ComEd 18.2% vs 9.1%)
  • Management notes higher distribution/transmission rate base and regulatory returns supporting income gains; storm cost deferrals helped PECO
  • Revenue increases driven mainly by distribution and regulatory required programs; electricity and gas volumes stable or slightly down due to customer load
  • No update on overall company outlook or guidance; mentions impacts of regulatory changes (e.g., Next Generation Energy Act) and continuing capital investments

Risk Factors

  • No new or updated risk factors disclosed in this 10-Q vs prior 10-K filing
  • Carried-forward regulatory risk: compliance with SEC rules including Regulation S-K and Section 1350 Sarbanes-Oxley certifications
  • Operational risk: potential impacts from contract instruments and agreements referenced under Rule 12b-32 for subsidiaries
  • Financial risk: no material changes to debt or liquidity risks; Supplemental Indenture dated August 15, 2025 filed with trustee
  • Corporate governance risk: no changes to Rule 10b5-1 trading arrangements for officers or directors in this quarter

Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K

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